Gujarat Fluorochemicals has approved the slump sale of a 57 MW captive power plant to wholly-owned subsidiary IGREL Mahidad for a lump sum consideration of Rs 200 crore, the company said on December 26 in an exchange filing.
IGREL Mahidad is into generation, purchase, and T&D of electricity from conventional and non-conventional sources. The board of Gujarat Fluorochem also approved an investment of up to Rs 40 crore by subscribing equity shares of IGREL Mahidad in one or more tranches. This investment will be used to support IML's capital expenditure, said the company.
Gujarat Fluorochem said it will also be investing up to Rs 200 crore in Flurry Wind Energy (FWEPL), a promoter-owned company, for a 26% stake.
"The fund being infused in FWEPL is to support the capital expenditure requirements of FWEPL," said the company, adding that FWEPL will generate wind electricity to supply to Gujarat Fluorochemicals.
A power purchase agreement was also signed between Gujarat Fluorochem and IGREL Mahidad as well as Flurry Wind Energy at the rate of Rs 4 per unit, based on the number of units generated. GFL will purchase 107 MW and 350 MW power from IGREL Mahidad and Flurry Wind Energy respectively, and aims to utilise it to meet the requirements of company's plants.
The company recently raised Rs 1,000 crore in subsidiary GFCL EV at a valuation of Rs 25,000 crore, in order to meet the capex requirements for new business.
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